Oil slips to $114 as traders weigh Saudi supply risks

Oil prices moved in different directions on Monday, October 26, as traders weighed threats to Saudi energy facilities against the possibility that expensive crude could curb demand. Brent futures were down 1.89% at $114.51 a barrel, while US benchmark WTI was up $2.33, or 2.26%, at $100.94 by 11:30 am PST, according to Mettis Global.

The market was responding to weekend developments after Houthi attacks and claims of further targeting prompted fresh concerns about Saudi supply infrastructure. Saudi authorities said they had intercepted more missiles and drones, while the country partially restarted operations at its main airport; an investment executive told CNBC that geopolitical uncertainty had added about $20 a barrel to oil prices. Saudi Arabia also plans to store crude in Singapore from the second half of 2027, while the US authorised a release of up to 400,000 barrels from its strategic reserve to address a refinery disruption in Louisiana.